Republicans struggle to defend the economic fallout of the Iran war
Americans are paying far more for fuel because of the Iran war, and there is no relief in sight — bad news for drivers, truckers, and anyone buying goods.
- US drivers and truckers have spent an extra $100 billion on fuel since the war started in late February.
- Diesel is at a record high, which pushes up the price of everything trucks carry.
- Republicans blame immigration for rising prices, but the jump is tied to oil and to fertilizer shipments stuck at the Strait of Hormuz.
- Goldman Sachs is telling clients to expect a long war, and traders now see a real chance oil stays above $100 a barrel into 2027.
- Prices would be even worse without the US and China draining their emergency oil reserves, which cannot last.
Outlook: Trump says gas will fall below $2 a gallon but only after the midterms, and with the fighting set to drag on, high fuel and grocery prices look likely to stay.